Poland's leading oil and gas company PKN Orlen will probably acquire the country's natural gas monopolist PGNiG in October or November this year, Orlen said on Friday.
PKN Orlen expects its shareholder's extraordinary general meeting to take place in September and PGNiG's in October.
The merger plan is in place, under which PGNiG shareholders will receive 0.0925 new shares in Orlen per share in PGNiG. Orlen will issue 534 million new F-series shares in order to finalise the deal.
The merger has to be approved by the shareholders of both companies, and there are also other conditions that must be fulfilled in the merger strategy.
The Lotos takeover by Orlen was approved by the EGMs of Orlen and its smaller peer Lotos last week.